Andy Winter CEO Brighton Housing Trust said “As part of the campaign we are running through July, we are hi-lighting the negative impact loan sharks have on individuals.”
Nothing is worse than falling into debt, maybe through no fault of your own. The temptation to swap debts back and forward on credit cards, then take a ‘once only’ loan to cover all the debts is a position only too familiar to many people trying desperately to make ends meet.
Interest on credit cards is phenomenal anyway and Bank Loans charge about a third more interest on top of a loan. This can be even higher from a rogue trader.
This is an example of how one can fall into the Loan Shark trap. Maybe it’s only a one off loan for a holiday or a sum to clear existing debts you could fall victim to a loan shark’s offer of money.
These are some of the telltale signs of loan sharks issued by The Trading Standards Authority.
Been offered a loan without paperwork.
Been threatened when you couldn’t pay.
Had your Benefit or bank card taken from you.
Had a loan which keeps on growing even though you are making payments.
The Illegal Money Lending Team can help:0300 555 2222.